Creation, a commercial real estate developer on an expansion path in the Northeast, and joint-venture partner J.P. Morgan Asset Management, announced today the sale of Baylis 495 Business Park, a 103,500-square-foot Class-A distribution center in Melville, to BGO for $44 million.
Located approximately one mile south of the Long Island Expressway, Long Island’s primary trucking route, between Route 110 and Pinelawn Road, this approximately 8-acre, one-building development features best-in-class architecture with 32’ clear heights, 20 dock doors and two drive-in bays. In 2022, the building was pre-leased to Keurig Dr. Pepper on a long-term basis at a record-breaking rental rate. Marc Duval with JLL brokered the sale to BGO.
"The sale of Baylis 495 epitomizes nearly three years of dedicated effort and remarkable execution by our team. From identifying the site in 2021 and swiftly obtaining approvals to the remarkable transformation of the property into an award-winning logistics facility, pre-leased to a key player in the beverage sector, every aspect has seamlessly come together," explained Luke Georgiadis, vice president of transactions at Creation. “Thank you to the teams at J.P. Morgan, Premier Design + Build Group, Bohler Engineering and Weber Law Group for making this project a success. Working with the BGO team on this transaction has been a pleasure, and we wish them the best with the property.”
In 2022, Baylis 495 was recognized by the Association for a Better Long Island and the Commercial Industrial Brokers Society of Long Island as the “Most Ingenious Deal of the Year” and the “Top Commercial Redevelopment.”
Founded by David Sellers and Bob Agahi in 2018, Creation entered the Northeast market in late 2022, embarking on $200 million worth of industrial projects spread across three prime locations in New York and New Jersey. This included Baylis 495, along with McClellan One in Newark, New Jersey, and the Old Nichols Commerce Center in Islandia, N.Y. Creation boasts a diverse portfolio comprising $4.5 billion in ground-up developments across major growth corridors in Arizona, Texas, California, Tennessee, New York and New Jersey, with industrial projects spanning over 6.5 million square feet and valued over $1.5 billion.
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